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Cardano News: Cardano (ADA) Defies Broader Market Consolidation With 7% Gains, What’s Next?

07 Dec, 2023 Updated 07 Dec, 2023

By Bhushan Akolkar

Bhushan Akolkar

Senior Journalist

Expertise : Cryptocurrency, Blockchain, Macro Finance

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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After a strong start to the week, the broader cryptocurrency market seems to rest a bit. However, Cardano bulls continue to rage in with the ADA price gaining an additional 7%. As of press time, Cardano (ADA) is trading at $0.44 with a market cap of $15.8 billion.

Cardano (ADA) Defies Broader Market Trend

According to on-chain data provided by Santiment, Cardano (ADA) has experienced a 7% increase in market value today, defying the broader trend of decline observed in the cryptocurrency market on Wednesday.

Notably, the total number of ADA addresses has been decreasing, which is also a positive indicator. In the cryptocurrency space, a decline in the number of wallets is often interpreted as a signal that small holders may be capitulating and selling their assets to larger investors, potentially incurring losses.

In a swift surge of buying pressure, Cardano’s ADA witnessed a remarkable increase in its market capitalization, surging by more than $1 billion within a 24-hour period.

As of the latest data, ADA’s overall market capitalization has reached $15.5 billion, securing its position as the 8th-largest cryptocurrency based on valuation.

During this recent upswing, ADA experienced a rally, climbing from its intraday low of $0.412 to a peak of $0.434, marking a notable gain of 9%. This latest movement contributes to the ongoing revival of ADA, which has now seen a substantial 50% increase from its mid-June lows.

A significant factor in this resurgence is the surge in investor attention and activity surrounding the token. Over the past 24 hours, ADA’s trading volumes soared to $850 million, reflecting an impressive 138% increase. The ADA price can most likely rally by an additional 35% from here to hit $0.556.

Cardano Whale Activity on the Rise

Based on on-chain activity monitored on Cardano Explorer, transactions consistently exceeded 1.5 million during epochs 450, 451, and 452 (each epoch lasting five days in Cardano terms).

The count of “large transactions” surged to over 7,000 in early December, marking a significant increase from the range of 4 to 6 thousand observed throughout much of November.

The introduction of over 150 new projects on the platform is a testament to the expanding Cardano ecosystem. With the creation of nearly 10 million native tokens and the processing of over 79 million transactions to date, Cardano has also established itself as an extensive and reliable network.

Notably, journalist and editor Ali Martinez anticipates a potential price spike for Cardano. The rise in large transactions is seen as an indicator of growing interest from whales and institutions.

#Cardano | In the last three months, there's been a significant increase in $ADA transactions over $100,000, reaching new highs consistently.

This surge points to growing interest in #ADA from institutional players and whales, which is usually a precursor to price spikes. pic.twitter.com/APczM2PGxM

— Ali (@ali_charts) December 4, 2023

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.